Maine was certainly not immune from the well documented market collapse. All major sectors of the commercial real estate industry were affected. The retail vacancy rate in Greater Portland rose from a modest 6.05 to 10.8%*. The office market, especially in suburban areas, saw significant increases in vacancy as companies began to layoff employees and downsize.
The industrial sector experienced a slashing of lease rates as Landlords fought to retain tenants and attract the few prospective tenants that were available. Overall, the downturn certainly represented the worst collapse for the Maine commercial real estate market since September 11, 2001. (Continued on PDF)